Venezuela: Amendments to VAT legislation
The Decree No. 1436 became publicly available on 28th November 2014. The decree introduces amendments to the VAT legislation. This decree entered into force on 1st December 2014. The main amendments are given below: VAT input tax cannot be
See MoreVenezuela: Amendment in Corporate Income Tax Law
A Presidential Decree No. 1.435 changes the Income Tax Law has released in official Gazette No. 6.152 of 18th November 2014 and applies to the taxable periods that start from 1st January 2015. The major amendments to the corporate income tax are
See MoreUAE: Memorandum of Understanding Signed with Free Zone
The Ministry of Finance (MoF) of the United Arab Emirates (UAE) signed a Memorandum of Understanding (MoU) with the Ras al-Khaimah Free Trade Zone, (RAK FTZ) on 17th November, 2014 (WAM). This agreement ensures that the free zone complies with the
See MoreArgentina: New decree creates for monitoring transfer pricing rules
Tax Authority has published Decree 2103/2014 on 17 November 2014, in order to created a special unit to monitor cross-border trade and coordinate the work of the various government bodies to ensure the correct application of the law on international
See MoreGermany approves tax break for electric vehicles purchases as company cars
The Germany Cabinet on December 3, 2014 has approved measures on allowing a tax break for purchasing electric vehicle as company cars. The government of Germany has aimed to have one million electric cars on its roads by 2020 to cut its greenhouse
See MoreInformation regarding Transfer pricing reporting requirements in Czech Republic
The General Tax Directorate has released information regarding the new transfer pricing reporting requirements on its website and confirms that tax audits, the tax authorities will pay special attention to transactions with related parties and the
See MoreCanada Revenue Agency’s findings on research tax credit
The tax credit program of Scientific Research and Experimental Development (SR&ED) proposes generous incentives for business undertaking eligible research or experimental development work and it has administrated by the Canada Revenue Agency
See MoreRussia: Law providing CFC rules signed
The President of Russia has signed a Federal Law No. 376-FZ for introducing the CFC rules on 24th November 2014. The law enters into force with effect from 1st January
See MoreTurkey: Turkish Petroleum Law regarding Taxation, Import, Export and Transfers
The Turkish Petroleum Law came into force on 11 June 2013. This Law introduced a revolution in the Turkish oil and gas industry as it levelled the playing field for foreign investors and removed the privileged rights of the State oil company. As
See MoreTransfer Pricing Brief: November 2014
Australia Transfer Pricing Rule-The reconstruction provisions are contained in section 815-130 ITAA 1997. TR 2014/6 gives guidance on identifying situations where the form of commercial or financial relations differs from the
See MoreWorld Tax Brief : November 2014
Chile Main corporate tax rates: Under the Law 20,780A, 20% of tax rate applies in 2014 to Chilean companies or permanent establishments of foreign companies. Under legislation enacted in September 2014 the corporate income tax rate will rise to
See MoreMalta cut down VAT registration threshold to nil in 2015 Budget
The recent budget of Malta for the year 2015 has cut down the value added tax (VAT) registration threshold from EUR 14,000 to nil. The value added tax (VAT) registration threshold is the amount above which an entrepreneur has to register with the
See MoreTax rate down in Malta’s 2015 Budget
Recent budget of Malta for next year contains a reduction of personal income tax (PIT) brackets, through a rate down on income between €19,500 and €60,000 from 29% to 25%. Those who purchasing their first property they can get tax concession and
See MoreMalta: Budget 2015 Supports Female Workforce
Finance Minister Prof. Edward Scicluna underlined that the Budget 2015 embodies the Government’s determination to facilitate access to work for women, adding that this will be done through measures that will encourage women to join the workforce
See MorePortugal suspends VAT rise proposal from 2015
Portugal has suspended a proposal to raise its value added tax (VAT) rate from 23 percent to 23.25 percent on 1 January 2015. In May 2014, the government of Portugal was announced to increase VAT rate from 23 percent to 23.25 percent from January
See MoreChina: VAT on financial services will be applicable from 2016
China's Ministry of Finance (MoF) has announced that it will launch its VAT reforms for the Financial Service Industry in the early next Year. The plan will be to levy VAT on insurance and banking services. This will swap the current flat rate 5
See MoreThe Finance Ministry clarifies income allocation and expenses to Russian PE
The Finance Ministry (MoF) has published a Letter No. 52359 for describing the allocation of income and expenses to a Permanent Establishment (PE) in Russia of a non-resident company and it has issued on 17th October 2014. In accordance with article
See MoreTurkey: free trade zones are not required to calculate VAT
The tax court of Turkey settles that entities functioning in free trade zones are not required to calculate value added tax (VAT) using a reverse-charge basis with respect to services provided by resident and non-resident companies who are subject
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